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{
    "id": 575471,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575471/?format=api",
    "text_counter": 294,
    "type": "speech",
    "speaker_name": "Hon. Angatia",
    "speaker_title": "",
    "speaker": {
        "id": 2153,
        "legal_name": "Ayub Savula Angatia",
        "slug": "ayub-savula-angatia"
    },
    "content": "A company like Nzoia Sugar Company is, from their financial statement, not economically viable. It has already been declared insolvent based on the asset value and the turnover that the company is making. Muhoroni Sugar Company and Miwani Sugar Company are under receivership, but the receiver managers in the two companies are doing worse to the companies using the weaker sections of the Banking Act that governs insolvency issues. If we happen to enact this Insolvency Bill, we will save ailing companies like Kenya Airways and Mumias Sugar Company; we will dig deeper into the issues and find a solution. Currently, the banks that have provided loans to Mumias Sugar Company are now threatening to liquidate it, and send the receiver managers away. It was only the Deputy President and the President who intervened and negotiated with the banks to buy time, so that they could restructure their loans and work towards modalities of returning the company to profitability. I am happy this Insolvency Bill is addressing that issue that will help the companies go back to profit-making organisations. There will be introduction of efficiency under the Insolvency Bill instead of dragging them down the line of insolvency and closing down, because of the demands of the banks that had given them loans."
}